• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 9 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 4 hours The Inconvenient Truth Of Electric Cars
  • 1 hour Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 9 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 12 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 11 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 6 hours Solar Panels at 26 cents per watt
  • 4 hours The Plastics Problem
  • 12 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 13 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 5 hours Huge UK Gas Discovery
  • 8 hours Hydrogen FTW... Some Day
  • 7 hours Section 232 Uranium
  • 5 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Alt Text

Philadelphia Refinery Explosion To Boost Gasoline Prices

The explosions at the Philadelphia…

Alt Text

Iran: A Geopolitical Time Bomb

Oil markets have turned particularly…

Alt Text

China Launches World’s First Smart Oil Tanker

China unveiled the world’s first…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudis Pledge To Rebalance Markets After Price Plunge

After oil prices booked in May their worst decline in six months amid fears that trade wars would slow down global economic and oil demand growth, the price of oil rose early on the first trading day of June on Monday after Saudi Arabia moved to assure the market that the Saudis and the larger OPEC+ group would do whatever it takes to bring supply and demand to balance.

As of 10:53 a.m. EDT on Monday, WTI Crude was up 0.62 percent at $53.83, while Brent Crude was trading up 0.03 percent at $62.01.

Three weeks before OPEC and its allies are set to discuss the fate of their production cut deal, Khalid al-Falih, the energy minister of OPEC’s de facto leader Saudi Arabia, said that there is emerging consensus among OPEC+ that the group remains committed to balance the oil market by drawing down inventories.  

“And I would like to reiterate my confidence, based on my discussions with several key producers, and on our track record, that we will do what is needed to sustain market stability beyond June,” al-Falih told Arab News in an interview published on Monday.

“To me, that means drawing down inventories from their currently elevated levels,” said the energy minister of the world’s top oil exporter.

Al-Falih reiterated Saudi Arabia’s commitment to “do whatever it takes” to restore global oil balance, but declined to say if the recent oil price plunge means that chances are now higher for OPEC and its allies to extend the current deal through the end of the year. Related: It’s Adapt Or Die For U.S. Refiners

“First, we do not target specific prices. … Prices are determined by the dynamic interaction of multiple forces, some of which are not even fundamental – such as geopolitical headlines and financial speculation,” al-Falih told Arab News, adding that the partners will review the market fundamentals at the end of June before deciding how to proceed with their oil supply management policies.

“Increasing trade friction and potential barriers would certainly have a negative impact on the global economy and oil demand growth,” al-Falih said.

A few days ago, Russia’s First Deputy Oil Minister Anton Siluanov said that Russia may join a proposed extension of the oil production cuts. The most important issue to consider is what the oil price gains would be from an extension as opposed to the potential loss of market share to U.S. producers, Siluanov told Reuters last week.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Tripp Mills on June 06 2019 said:
    I may reach out to a few contacts tomorrow and have them run some info on who is shorting their stocks and advise that shareholders fully support declining cards at the pump, etc. And if they don't do it is a risk to their company....sorry but as you all know - energy is not cheap people so u want to short and suck it dry at low price (as someone would likely agree - many likely - LOSERS GET NO GAS and OIL).
  • Tripp Mills on June 06 2019 said:
    Tick tock shorts! Also for the crowd who decided to in my mind embarrass or attempt to embarrass an overseas visit (it didn't work btw) YOU ALL ARE THE BIG LOSERS and don't think people will forget!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News